Duplex With Two Occupied
For Sale
$250,000
1355 24th Street, Des Moines, IA 50311
MultiFamily, Des Moines, IA
Property Size2,064 SF
Lot Size0.18 Acres
Price / SF$121.12
Days on Market53
Property Features for 1355 24th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NX1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 2
Parking features
Garage
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
From I-235, take the Martin Luther King Jr. Pkwy exit and head north. Turn left (west) onto Forest Avenue, then turn left (south) onto 24th Street. The property, 1355 24th St, Des Moines, IA 50311, is located on the east side of the street.
Subdivision
Des Moines N.West
Standard status
Active
APN
08001569000000
Size
2,064 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
LOT 7 DRAKE UNIVERSITY OP
Tax Annual Amount
3700
Legal Description
LOT 7 DRAKE UNIVERSITY OP
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1897
Floors in Building
2
Number of units
2
Building materials
VinylSiding
Architectural style
Other
Listing Agency:
RE/MAX Concepts · RE/MAX International
(515) 276-2872
Listed By:
Heather Wright · License #S60534000
(515) 229-2012
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 23 at 1:06PM
MLS# 744385
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex offers two occupied units with independent layouts. Each unit features two bedrooms and one bathroom, and tenants are on month-to-month leases. Appliances stay with the property, including a dedicated washer and dryer setup for each unit. The lower unit includes a newer refrigerator, and the upper unit was updated within the last two years with newer appliances and durable LVP flooring. Tenants are responsible for their own electric; gas and water are landlord expenses, and the detached garage electricity is tied to the upper unit meter.
The property is located at 1355 24th Street in Des Moines, IA 50311, on a 0.179-acre lot. It was built in 1897 with vinyl siding and offers natural gas forced-air heating and central air. A garage is included with the duplex.
The listing also notes a possible assumable VA loan for qualified buyers.
The property is located at 1355 24th Street in Des Moines, IA 50311, on a 0.179-acre lot. It was built in 1897 with vinyl siding and offers natural gas forced-air heating and central air. A garage is included with the duplex.
The listing also notes a possible assumable VA loan for qualified buyers.
Key Highlights
- Two occupied units on month‑to‑month leases
- Each unit offers two bedrooms and one bathroom with independent layouts
- Appliances stay; dedicated washer and dryer setup for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,256
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.70%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$385,120
$385.1K
Cap Rate 7%
$275,086
$275.1K
Cap Rate 9%
$213,956
$214.0K
Market Conditions
NOI Build-Up for 2,064 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$28.5K $13.80/SF
− Vacancy
−$974 −$0.47/SF
EGI
$27.5K $13.33/SF
− OpEx
−$8.3K −$4.00/SF
NOI
$19.3K $9.33/SF
Area
Des Moines, IA
Vacancy
3.42%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$385,120
Cap Rate 7%
$275,086
Cap Rate 9%
$213,956
Alternative Uses
Best Use
Multifamily LT 5
$275.1K
$240.7K – $320.9K
NOI $19,256 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$245.8K
$215.0K – $286.7K
NOI $17,203 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$508.3K
$444.8K – $593.1K
NOI $35,583 @ 7.0% cap · market cap 14.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
Explore this area
Business Placement
Demographics for 50311, IA
14,782
Population
7,180
Households
2.1
Avg Household Size
30
Median Age
41%
College-Educated
94%
High-School Grad
2.6 sq mi
ZIP Area
5,685
Density / Sq Mi
$63,233
Median Household Income
$35,086
Median Earnings
$1,019
Median Rent
$228,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom, one-bath duplex with independent layouts, central air, and appliances staying with the property.
Where is this duplex located?
The property is located at 1355 24th Street Des Moines, IA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two occupied units on month‑to‑month leases; Each unit offers two bedrooms and one bathroom with independent layouts; Appliances stay; dedicated washer and dryer setup for each unit
